SportsTek Acquisition Corp. Suite 450 Tulsa, OK 74114
Exhibit 10.5
0000 X. Xxxxx Xxxxx
Xxxxx 000
Xxxxx, XX 00000
February 16, 2021
JTJT Partners LLC
0000 X. Xxxxx Xxxxx
Xxxxx 000
Xxxxx, XX 00000
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Administrative Services Agreement
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Gentlemen:
This letter agreement by and between SportsTek Acquisition Corp., a Delaware corporation (the “Company”), and JTJT Partners LLC, a Delaware limited liability company (“Sponsor”), dated as of the date hereof, will confirm our agreement that, commencing on the date the securities of the Company are first listed on the Nasdaq Capital Market (the “Listing Date”) and continuing until the earlier of the consummation by the Company of an initial business combination and the Company’s liquidation (in each case as described in the Registration
Statement on Form S-1 (File No. 333-252604) filed with the Securities and Exchange Commission) (such earlier date hereinafter referred to as the “Termination Date”):
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Sponsor shall make available to the Company, at 0000 X. Xxxxx Xxxxx, Xxxxx 000, Xxxxx, XX 00000 (or any successor location or other existing office locations of Sponsor or any of its affiliates), certain office space, and administrative
and support services as may be reasonably requested by the Company. In exchange therefor, the Company shall pay Sponsor, on the first day of each month, the sum of $2,000 per month commencing on the Listing Date and continuing monthly
thereafter until the Termination Date; and
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| 2. |
Sponsor hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind or nature whatsoever (each, a “Claim”) in or to, and any and all
right to seek payment of any amounts due to it out of, the trust account established for the benefit of the public stockholders of the Company and into which substantially all of the proceeds of the Company’s initial public offering will be
deposited (the “Trust Account”), and hereby irrevocably waives any Claim it presently has or may have in the future as a result of, or arising out of, this letter agreement, which
Claim would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust
Account or any monies or other assets in the Trust Account for any reason whatsoever.
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This letter agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or
oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.
This letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.
No party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party, provided that Sponsor may assign this letter agreement to an affiliate without
the prior written approval of the Company. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.
This letter agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by and construed in accordance with the laws of the State
of New York.
This letter agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same letter agreement.
[Signature page follows]
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Very truly yours,
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By:
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/s/ Xxxxxxx X. Xxxxx |
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Name:
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Xxxxxxx X. Xxxxx
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Title:
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Chief Financial Officer and Chief Operating Officer
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AGREED TO AND ACCEPTED BY:
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JTJT PARTNERS LLC
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By:
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/s/ Xxxxxxx X. Xxxxx |
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Name:
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Xxxxxxx X. Xxxxx
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Title:
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Authorized Signatory
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[Signature Page to Administrative Services Agreement]
